an introduction to economics

  • Created by: Emilysh02
  • Created on: 05-06-19 13:53
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  • an introduction to economics
    • economics is a social science
      • economics is seen as a social science because it looks at the behaviour of humans and their use of scarce resources.
      • the methodology that economists use to tackle economics is similar to the methodology used by scientists in natural and other sciences
        • however economists cant conduct controlled lab experiments where one variable is changed at a time.
          • to get around the problem of the existence of multiple variables, economists use the assumption known as 'ceteris parabus' - which is latin for 'all other things remaining equal'
    • economic decisions might not always make the most economic sense
      • these decisions might be based on:
        • normative statments
        • moral views and value judgements
        • political judgements
        • short term positive consequences
    • there are two kinds of economic statement:
      • positive statements
        • positive statements are objective statements that can be tested by referring to the available evidence.
      • normative statements
        • normative statements are subjective statements which contain a value judgement- they're opinions

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